Chapter 5 – Operating Procedures

2. Investment of Funds. The designation of a bank or trust company as a depository, paying agent, or for investment of funds. (Code of Iowa, Sec. 362.5[2]) 3. City Treasurer. An employee of a bank or trust company, who serves as Treasurer of the City. (Code of Iowa, Sec. 362.5[3]) 4. Stock Interests. Contracts in which a City officer or employee has an interest solely by reason of employment, or a stock interest of the kind described in subsection 8 of this section, or both, if the contracts are made by competitive bid in writing, publicly invited and opened, or if the remuneration of employment will not be directly affected as a result of the contract and the duties of employment do not directly involve the procurement or preparation of any part of the contract. The competitive bid qualification of this subsection does not apply to a contract for professional services not customarily awarded by competitive bid. (Code of Iowa, Sec. 362.5[5]) 5. Newspaper. The designation of an official newspaper. (Code of Iowa, Sec. 362.5[6]) 6. Existing Contracts. A contract in which a City officer or employee has an interest if the contract was made before the time the officer or employee was elected or appointed, but the contract may not be renewed. (Code of Iowa, Sec. 362.5[7]) 7. Volunteers. Contracts with volunteer firefighters or civil defense volunteers. (Code of Iowa, Sec. 362.5[8]) 8. Corporations. A contract with a corporation in which a City officer or employee has an interest by reason of stock holdings when less than five percent (5%) of the outstanding stock of the corporation is owned or controlled directly or indirectly by the officer or employee or the spouse or immediate family of such officer or employee. (Code of Iowa, Sec. 362.5[9]) 9. Contracts. Contracts made by the City upon competitive bid in writing, publicly invited and opened. (Code of Iowa, Sec. 362.5[4]) 10. Cumulative Purchases. Contracts not otherwise permitted by this section, for the purchase of goods or services which benefit a City officer or employee, if the purchases benefiting that officer or employee do not exceed a cumulative total purchase price of twenty-five hundred dollars ($2500.00) in a fiscal year. (Code of Iowa, Sec. 362.5[11]) 11. Franchise Agreements. Franchise agreements between the City and a utility and contracts entered into by the City for the provision of essential City utility services. (Code of Iowa, Sec. 362.5[12]) 12. Third Party Contracts. A contract that is a bond, note or other obligation of the City and the contract is not acquired directly from the City but is acquired in a transaction with a third party who may or may not be the original underwriter, purchaser, or obligee of the contract. (Code of Iowa, Sec. 362.5[13]) 5.08 RESIGNATIONS. An elected officer who wishes to resign may do so by submitting a resignation in writing to the Clerk so that it shall be properly recorded and considered. A person who